President Obama and his Liberal, populist coterie did the their best to stir up anger and resentment against AIG, its executive, and the affluent in general due to those AIG executives being given retention bonuses that totaled over $165 million USD, which is approximately 0.0916% of the $180 billion that AIG received so far through the TARP bail-out.
Yes, all the outrage, death threats, and political posturings are over slightly less than 1/10th of one (1) percent of the taxpayers’ money that AIG received through the TARP bail-out.
In the words of the much mourned Winston Churchill, President Obama and his Liberal gang “have sown the wind; let them reap the whirlwind.”
The Democrats in the US House of Representatives passed a bill that would enact a retroactive confiscatory tax of 90% on the retention bonuses given to the AIG employees. To the Republican party’s shame they did this with the unneeded help of nearly half of the House Republicans.
Democrats voted 243:3 in favor of the bill and Republicans voted 87:85 against it. So 85 Republican Representatives put re-election or personal outrage over the US Constitution and American values.
Now President Obama is apparently trying to soften the impact of this rage and nascent class warfare.
The Obama administration wants to soften the impact of bills speeding through Congress that would impose heavy new taxes on Wall Street bonuses. But some potential allies in the Senate are reluctant to cooperate, fearing the political consequences of watering down the legislation.
Financial-industry officials launched a campaign Friday to fight back but are finding their hands tied: Anti-Wall Street sentiment following the American International Group Inc. bonus payouts is making it difficult to reach once-friendly lawmakers to make their case. Key senators and their staffers, nervous about appearing to support the industry, are refusing all meetings, and, in some cases, turning away phone calls. “Unless you have a pitchfork and a noose nobody’s listening to you” on Capitol Hill, said one financial lobbyist.
The White House has yet to publicly criticize the bonus tax proposals. But administration officials say privately they are concerned the House and Senate bills could lead to an exodus of employees or whole companies from the Troubled Asset Relief Program, known as TARP, as well as other government-sponsored financial rescue efforts.
It’s amazing. President Obama is acting like he is concerned that punitive taxes and legislation might cause American companies to refuse to cooperate with the federal government since that government would have, at that point, proven beyond any reasonable shadow of a doubt that it was no longer operating in anything approaching the best interests or ideals of America. Who’d have guessed that?
Of course the operative part of the above paragraph is that “President Obama is acting like he is concerned.” We Americans have no proof, as of yet, that he is doing anything more than carefully separating himself in the public’s mind from the evil that he has wrought. This may be nothing more than a “washing of the hands” in the manner of Pontius Pilat after his carefully populist ploy. 😉
NOTE: I truly hate that these AIG executives are getting bonuses after their gross stupidity and mismanagment. At a solely personal level I can sympathize with anyone who wants to butcher them en mass. I’m just not able to put my personal feelings above my concern for what punitive action against these people will do to Aamerica in the long run.